MetaTrader 4 Candlesticks Charts
A chart is a graphical illustration of price movement of a gold instrument over a given period of time.
Drawn on a grid and the user is at liberty to select and choose which gold chart timeframe they want to trade with. Trader might choose to use hourly trading charts, day charts or even 1 minutes trading chart timeframes.
To draw charts, Three methods are used. Techniques/Methods used to draw the charts defines the type of chart.
The 3 types of charts are: - Candles Charts - Bar Charts - Line Charts
- Line charts
- Bar charts
- Candles charts - Most popular
MT4 Line Charts
A single line is drawn from 1 closing price to the next, shaping a continuous line.
This type of chart provides very little information on chart and is therefore not to be very popular among traders and investors. In fact this type of trading chart is rarely used by the traders.
Line Chart in Gold - This type of chart leaves out essential info about price movement. Data like opening, high & low point of the price which are not represented on the graph.
This makes this type of xauusd line chart to be considered sketchy by technical analysts.
The chart below displays an example of a xauusd line chart.
MT4 Bar Charts
Gold Bar Charts - This type of chart shows the opening, closing, the high & the low, for a given price interval and is represented by bars that look like the ones drawn below - thenceforth its name bar charts
- Bar Charts - bar chart has got a vertical bar representation showing/illustrating the overall total price movement.
- Left horizontal bar the opening
- Right horizontal bar the closing
- High & low denoted by the highest and lowest point
However, these bar charts are not very easy to work with, especially when they are not magnified. It becomes hard to analyze the bar chart with ease when trading the markets thus making these charts not popular among traders and investors.
A Bar chart that isn't zoomed in makes it hard to view the opening & closing price such as illustrated and shown by this example:
MetaTrader 4 Candlesticks Charts
Candlesticks Charts - This is the most commonly used type of trading chart, they resemble candles, thus their name - candlesticks charts.
Candles charts portrays the opening, closing, the high & low of a particular price interval.
The range between the open price & the close price is called the body of the candle-stick.
XAUUSD candles charts is most popular type of charts among online traders because it is the easiest to analyze when trading the market. XAUUSD Trading candlestick charts also gives and generates a lot of data about price movement. This makes candlesticks charts the most widely used type of charting in XAUUSD.
Candles Charts
Below is an example of candles charts. To learn and know more about candle-sticks charts, study this tutorial: Technical Analysis of Japanese Candle Sticks Setups in XAUUSD.
How to Choose These Chart Types in MT4 Platform
To draw any of the types of charts on the MT4 Platform Software a trader can use the buttons below found on this MT4 platform.
Drawing Charts on the MT4
- To Choose a Bar Chart Click the Bar Button
- To Select a Candles Chart Click the Candlestick Button
- To Choose a Line Charts - Press the Line Button
Get More Tutorials and Topics:
- How Do I Place DowJones30 on MT4 Mobile Trading App?
- Example of How is Free Gold Margin Calculated on MetaTrader 4 Platform?
- How Do I Place XAUEUR Chart to MT4 Software/Platform?
- What's 1:25 Gold Leverage in Gold?
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- Automated Gold Software Free
- US30 US30 Indices Strategy
- Bollinger Bands Technical XAU USD Indicator Trading Method Summary
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- MT4 Market-Watch Window for Currencies List
